Southern Community Buys Mortgage Offices

Southern Community Financial Corp., Winston-Salem, N.C., has announced the acquisition by its subsidiary Southern Community Bank and Trust of two residential mortgage offices from Davidson Mortgage, Cornelius, N.C.The president of Davidson Mortgage, James Davidson, and the employees of the two offices, located in Cornelius and in Lexington, S.C., have joined Southern Community Bank. Under the terms of the deal, Southern Community acquired Davidson's lease obligations and certain fixed assets in the acquired offices, but Davidson's offices in Mount Pleasant and Myrtle Beach, S.C., were not acquired, Southern Community said. The financial details were not disclosed. "We believe our construction lending expertise will complement the relationships Davidson Mortgage has established with the builder community in the thriving Lake Norman area," said Jeff Clark, president of Southern Community Bank and Trust. The bank can be found online at http://www.smallenoughtocare.com.

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